Company Will Need More Than a Reorganization to Win Back Investor Support Now That Its Focus on Emerging Markets Has Fallen Out of Favor

If Standard Chartered hoped to reassure investors by announcing a business reorganization and senior-management reshuffle Thursday, it could hardly have been more disappointed. Its shares closed down 2.2% in response. That only added insult to injury: In 2013, a banner year for stocks globally, the bank's shares fell nearly 14%.

The reality is that Standard Chartered's forte—its focus on emerging markets—is no longer flavor of the...